Business Daily from THE HINDU group of publications
Wednesday, Aug 02, 2006
Business Daily from THE HINDU group of publications Wednesday, Aug 02, 2006 |
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Money & Banking
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Private Banks Industry & Economy - Rural Development
Our Bureau
Mumbai , Aug. 1 ICICI Bank is looking to increase the number of banking correspondents for its agri sector by the end of this fiscal, Mr Nachiket Mor, Executive Director, said. The banking correspondents would provide services such as collecting savings deposits and offer insurance products to customers in under-banked areas, said Mr Mor. The bank has launched the service in Orissa and Andhra Pradesh on a pilot basis and would increase the number of correspondents significantly by the end of this year. "We have only seven rural branches, all of them in Tamil Nadu. These reach a small number of people. As the Reserve Bank of India has recently authorised saving services through banking services, there are lot of operational challenges," Mr Mor said.
More tie-ups
The bank is also planning to increase its tie-ups with micro finance institutions (MFIs) by about 200-250 this year. At present, it has tie-ups with about 102 MFI partners. "We are looking for more partners in States such as Tamil Nadu and Andhra Pradesh," he said. The bank also plans to use Internet kiosks and franchisees apart from tying up with NGOs and co-operative societies for increasing its reach in rural areas.
More Stories on : Private Banks | Rural Development | Credit Market | ICICI Bank Ltd
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